Yeah. Local LLM stuff is great when you want to shove a huge pile of documentation into a model trainer and make a more intelligent search. Two of my vendors have implemented it, and it's more useful than a traditional indexing search tool, though you do have to verify the results (which is not much more effort since with a search you'd have to skim the document to find the info it matched anyway).
But for general "do everything" tool, yeah no. It can't read and understand your entire database, codebase, business process, etc.